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August 17, 2018

Why markets are so worried about Turkey

  • The big fear is that the distress could spill over into other emerging markets and cause a cascading wave of losses.
    • By STAN CHOE
    AP Business Writer

    NEW YORK — Why are investors around the world so worried about Turkey's economy, when it's smaller than Florida's? Because of the possibility that somebody bigger will be next.

    Investors have been pulling out of Turkey's markets, sending its stock market and currency plunging. That's making debt that Turkish companies owe in dollar terms even more expensive to pay back, which only further weakens the country's financial system.


     
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